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Spiralling inequality since the 1970s and the global financial
crisis of 2008 have been the two most important challenges to
democratic capitalism since the Great Depression. To understand the
political economy of contemporary Europe and America we must,
therefore, put inequality and crisis at the heart of the picture.
In this innovative new textbook Mattias Vermeiren does just this,
demonstrating that both the global financial crisis and the
European sovereign debt crisis resulted from a mutually reinforcing
but ultimately unsustainable relationship between countries with
debt-led and export-led growth models, models fundamentally shaped
by soaring income and wealth inequality. He traces the emergence of
these two growth models by giving a comprehensive overview, deeply
informed by the comparative and international political economy
literature, of recent developments in the four key domains that
have shaped the dynamics of crisis and inequality: macroeconomic
policy, social policy, corporate governance and financial policy.
He goes on to assess the prospects for the emergence of a more
egalitarian and sustainable form of democratic capitalism. This
fresh and insightful overview of contemporary Western capitalism
will be essential reading for all students and scholars of
international and comparative political economy.
Spiralling inequality since the 1970s and the global financial
crisis of 2008 have been the two most important challenges to
democratic capitalism since the Great Depression. To understand the
political economy of contemporary Europe and America we must,
therefore, put inequality and crisis at the heart of the picture.
In this innovative new textbook Mattias Vermeiren does just this,
demonstrating that both the global financial crisis and the
European sovereign debt crisis resulted from a mutually reinforcing
but ultimately unsustainable relationship between countries with
debt-led and export-led growth models, models fundamentally shaped
by soaring income and wealth inequality. He traces the emergence of
these two growth models by giving a comprehensive overview, deeply
informed by the comparative and international political economy
literature, of recent developments in the four key domains that
have shaped the dynamics of crisis and inequality: macroeconomic
policy, social policy, corporate governance and financial policy.
He goes on to assess the prospects for the emergence of a more
egalitarian and sustainable form of democratic capitalism. This
fresh and insightful overview of contemporary Western capitalism
will be essential reading for all students and scholars of
international and comparative political economy.
The author examines the indirect macroeconomic roots of the global
financial crisis and Eurozone debt crisis: the escalation of global
trade imbalances between the US and China and regional trade
imbalances in the Eurozone. He provides new insights into the
sources and dynamics of power and instability in the contemporary
global monetary system
The author examines the indirect macroeconomic roots of the global
financial crisis and Eurozone debt crisis: the escalation of global
trade imbalances between the US and China and regional trade
imbalances in the Eurozone. He provides new insights into the
sources and dynamics of power and instability in the contemporary
global monetary system
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